According to the recent report published by the Japanese Department of Finance, the country’s external account surplus grew by 4.2% up to ¥454.7bn in August. A year ago, the surplus was equal to ¥436.3bn. Analysts had expected the surplus to shrink down to ¥421.1. Therefore, the report came out better than expected. The surplus has grown year-over-year for the first time in 18 months.
The growth was caused by lower prices on the imported energy sources, which smoothed the negative impact of the JPY strengthening amid global economic slowdown.
August was the 3rd consecutive month Japan managed to cut its export.
Forex.
According to , the Japanese Yen is fluctuating within a price range against the US Dollar. The experts report that USDJPY is finishing a big-scale upswing represented by wave А/В of level Daily.
A further rally (above the local high) will probably encounter resistance around 79.21 and 79.65. The current bullish move will be completed as soon as the price breaks and consolidates below 77.12 (as shown below).
